Stumpf: Interest rates need to normalize first

Friday, June 21, 2013 11:31 AM

Wells Fargo & Co. Chairman and CEO John Stumpf told CNBC on Thursday that interest rates need to return to the historically normal levels that existed before the Federal Reserve started its accommodative monetary policy to help the economy after the financial crisis."We went through a tough deal [in] the five last years. It affected the psyche of consumers," Stumpf said. "[But] the real economy is stronger than the numbers show."